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Commercial real estate services firms reported solid results for the third quarter, thanks to stronger-than-expected leasing activity, according to a CoStar Group report.
CBRE posted 11 percent revenue growth in the third quarter, to $3.5 billion, as leasing returned to double-digit growth levels.
JLL, meanwhile, reported that revenues were up by 14 percent year over year, to $1.95 billion. The firm’s total revenues in the Americas came to $796.7 million, up by 3 percent year over year. “We still have significant room to grow, especially in the Americas and in the U.S.,” said CEO Christian Ulbrich. “Our positioning there is very strong in the debt business, but we still see lots of room to maneuver in the area of the investment sales.
Colliers International reported a 24 percent increase in revenues. The company has made seven acquisitions so far this year and continues to see opportunities it will approach cautiously, says Chairman and CEO Jay Hennick.
At HFF, revenue grew by 17 percent for the quarter, while Marcus & Millichap reported a revenue increase of 1.5 percent, to $183.3 million.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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